Simberi Mining Corporation

Simberi Mining Corporation

October 16, 2006 15:07 ET

Simberi Mining Corporation Increases Private Placement to $2.75 Million

TORONTO, ONTARIO--(CCNMatthews - Oct. 16, 2006) - Simberi Mining Corporation ("Simberi") (TSX VENTURE:SAU) is pleased to announce that it intends to increase the maximum gross proceeds to be raised pursuant to its recently announced proposed private placement from $2.0 million to $2.75 million.

The company now intends to issue up to 27,500,000 units at a price of $0.10 per unit. Each unit will consist of one common share and one-half common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $0.20 for a period of two years following the closing date.

The private placement is expected to close on or before October 23, 2006. The closing of the private placement is subject to, amongst other things, approval of the TSX Venture Exchange and completion of definitive documentation. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

Contact Information

  • Simberi Mining Corporation
    Mike Newbury
    President and CEO
    (416) 603-7200
    (416) 603-9200 (FAX)